FREE online courses on the Art Of
Effective Time Management - TIME SAVERS - AIDS FOR TAKING TIMELY DECISIONS
Experienced managers take quick
decisions based on long experience and/or intuition/gut feel. But complex
decisions can be made easier by applying a few techniques (which most of us use
in an informal way):
(A) Comparing
options
(B) Pros and
Cons method
(C) Cost vs.
Benefit method
COMPARING
OPTIONS:
1. Decide
on AIM OR GOAL
1.
List out various methods / paths to that goal
2.
List out their respective strengths/restraining factors
3.
Evaluate the methods one by one
4.
Decide on the method having overriding/maximum advantages
5.
Re-evaluate after project is completed, to assess quality of decision taken.
PROS AND CONS METHOD
This method is very useful when
there are conflicting requirements: it makes you aware of all factors, negative
and positive, which impact on the aim, while at the same time throwing up
strategies to achieve that aim. It could involve a decision whether to continue
working after motherhood, or it may help one decide to work on the East or the
West Coast.
COST-
BENEFIT METHOD
In this technique, various
courses of action are considered and a monetary/other value allocated to each
factor, along with a benefit factor. For example, in Delhi Traffic a Rolls Royce
would have a ridiculously low score for an office goes vis-à-vis a Santro, but
for the Indian High Commission to the UK, its cost would be far outweighed by
prestige / security considerations.
